Sean Mahon, Chief Executive, reported that the group has achieved excellent results in the first half of 2003, reflecting the benefits of continuing volume growth and improving returns.
He said, “We have continued to develop our distribution channels whilst maintaining our focus on credit quality and arrears management. I am particularly pleased that, during a period of further expansion, our bad debt charge has remained unchanged from the comparable period last year. We remain confident of our ability to deliver further disciplined growth for the group and that 2003 will prove to be another successful year for Cattles.”
The Corporate Division has again reported strong results with an increase in pre-tax profits of 25.6% to Ј3.1 million. Trading has continued to improve at both the invoice finance and asset finance businesses and net receivables have increased by 9.1% to Ј118 million since the beginning of the year.
